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Bank Contract Registration Certificate
Posted: Wed Jun 29, 2005 1:00 am
by MoniqueP
Hello there,
I have a wired question has anyone of you heard of a mode of payment "Cash against documents (CAD) via Bank Contract Registration Certificate"
This is a proposal made by a Buyer in Pakisan to a french supplier.
I have looked into the site search without success.
Any help would be appreciated
Thanks to all of you.
Monique Philippe
Bank Contract Registration Certificate
Posted: Wed Jun 29, 2005 1:00 am
by NigelHolt
Never heard of it.
Bank Contract Registration Certificate
Posted: Wed Jun 29, 2005 1:00 am
by VinodR
Philippe,
In Pakistan all imports under firm contracts are required to be registered with banks. The bank registers the contract & usually issues a certificate to the effect detailing the particulars of the contract. The importer then has to produce this certificate to the custom authorities for clearing the goods.
regards Terrence
Bank Contract Registration Certificate
Posted: Wed Jun 29, 2005 1:00 am
by MoniqueP
Hi Terence
Thank you very much for your answer
Regards
Monique
Bank Contract Registration Certificate
Posted: Thu Jun 30, 2005 1:00 am
by larryBacon
Monique,
as far as I know, only imports below a certain (low) value are permitted on a CAD basis in Pakistan. Others must be by LC. The previous comment about registration apply to both LC and CAD.
Laurence
Bank Contract Registration Certificate
Posted: Thu Jun 30, 2005 1:00 am
by VinodR
Laurence
It’s the other way around; earlier contracts below USD 10k were not required to be registered, there was also no cap on the amount of imports under collections. I am informed now that the requirement for registration of contracts irrespective of the amount has been withdrawn by the central bank. The custom authorities,however still insist on the registration.
regards,
Terrence